MILMEAT: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
MILMEAT
Largest movements
- Stocks and contracts +€185,560
up €185,560 (+72.9%), from €254,594 to €440,154
- Receivables within one year -€87,144
down €87,144 (-35.1%), from €248,042 to €160,898
of which Trade receivables: -€75,586
- Cash -€43,740
down €43,740 (-11.1%), from €392,825 to €349,085
mainly Stocks and contracts (-€185,560) and Trade debts (-€57,129)
- Tangible fixed assets +€15,369
up €15,369 (+18.9%), from €81,402 to €96,772
of which Other tangible fixed assets: +€29,498
- Reserves +€143,349
up €143,349 (+21.8%), from €656,187 to €799,536
- Trade debts -€57,129
down €57,129 (-56.0%), from €102,020 to €44,891
- Other debts -€12,159
down €12,159 (-10.7%), from €113,706 to €101,547
- Staff costs -€38,034
down €38,034 (-14.8%), from €256,916 to €218,882
- Gross operating margin +€25,464
up €25,464 (+5.9%), from €429,365 to €454,830
- Taxes +€16,203
up €16,203 (+34.4%), from €47,035 to €63,238
- Depreciation +€9,990
up €9,990 (+99.5%), from €10,037 to €20,026
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €977,004 | €1,046,909 | +€69,905 | +7.2% |
| Fixed assets | 21/28 | €81,542 | €96,772 | +€15,229 | +18.7% |
| Tangible fixed assets | 22/27 | €81,402 | €96,772 | +€15,369 | +18.9% |
| Plant, machinery and equipment | 23 | €15,544 | €15,272 | -€272 | -1.8% |
| Furniture and vehicles | 24 | €65,858 | €52,002 | -€13,856 | -21.0% |
| Other tangible fixed assets | 26 | - | €29,498 | +€29,498 | |
| Financial fixed assets | 28 | €140 | - | -€140 | |
| Current assets | 29/58 | €895,461 | €950,137 | +€54,676 | +6.1% |
| Stocks and contracts in progress | 3 | €254,594 | €440,154 | +€185,560 | +72.9% |
| Stocks | 30/36 | €254,594 | €440,154 | +€185,560 | +72.9% |
| Amounts receivable within one year | 40/41 | €248,042 | €160,898 | -€87,144 | -35.1% |
| Trade receivables | 40 | €233,042 | €157,456 | -€75,586 | -32.4% |
| Other amounts receivable | 41 | €15,000 | €3,443 | -€11,557 | -77.0% |
| Cash at bank and in hand | 54/58 | €392,825 | €349,085 | -€43,740 | -11.1% |
| Total equity and liabilities | 10/49 | €977,004 | €1,046,909 | +€69,905 | +7.2% |
| Equity | 10/15 | €674,787 | €818,136 | +€143,349 | +21.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €656,187 | €799,536 | +€143,349 | +21.8% |
| Distributable reserves | 133 | €656,187 | €799,536 | +€143,349 | +21.8% |
| Amounts payable | 17/49 | €302,216 | €228,773 | -€73,444 | -24.3% |
| Amounts payable within one year | 42/48 | €302,216 | €228,773 | -€73,444 | -24.3% |
| Current portion of amounts payable after more than one year | 42 | €1,861 | - | -€1,861 | |
| Trade debts | 44 | €102,020 | €44,891 | -€57,129 | -56.0% |
| Suppliers | 440/4 | €102,020 | €44,891 | -€57,129 | -56.0% |
| Taxes, remuneration and social security | 45 | €84,630 | €82,335 | -€2,295 | -2.7% |
| Taxes | 450/3 | €21,219 | €29,311 | +€8,092 | +38.1% |
| Remuneration and social security | 454/9 | €63,411 | €53,024 | -€10,387 | -16.4% |
| Other amounts payable | 47/48 | €113,706 | €101,547 | -€12,159 | -10.7% |
| Remuneration, social security and pensions | 62 | €256,916 | €218,882 | -€38,034 | -14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,037 | €20,026 | +€9,990 | +99.5% |
| Other operating charges | 640/8 | €2,292 | €4,034 | +€1,742 | +76.0% |
| Gross operating margin | 9900 | €429,365 | €454,830 | +€25,464 | +5.9% |
| Operating profit (loss) | 9901 | €160,121 | €211,888 | +€51,766 | +32.3% |
| Financial income | 75/76B | €17 | €186 | +€169 | +1014.4% |
| Recurring financial income | 75 | €17 | €186 | +€169 | +1014.4% |
| Financial charges | 65/66B | €6,361 | €5,486 | -€875 | -13.7% |
| Recurring financial charges | 65 | €6,361 | €5,486 | -€875 | -13.7% |
| Profit (loss) for the period before taxes | 9903 | €153,777 | €206,587 | +€52,810 | +34.3% |
| Income taxes | 67/77 | €47,035 | €63,238 | +€16,203 | +34.4% |
| Profit (loss) for the period | 9904 | €106,742 | €143,349 | +€36,607 | +34.3% |
| Profit (loss) for the period to be appropriated | 9905 | €106,742 | €143,349 | +€36,607 | +34.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.